TrueUSD’s $456M court case gives defendant days to reveal legal funding source – or face court sanctions

A Dubai court has given Matthew William Brittain until Sept. 7 to explain where money used for legal and advisory bills ultimately came from in a dispute over $456 million connected to TrueUSD reserves.

The Sept. 1 order adds a near-term disclosure deadline to proceedings in the Dubai International Financial Centre Courts. Techteryx, the claimant seeking the information, has obtained a proprietary injunction and worldwide freeze against Aria Commodities DMCC covering $456 million transferred from Legacy Trust and First Digital Trust, along with traceable proceeds.

Earlier DIFC court reasons for the freeze identify the money as part of the reserves backing TrueUSD, or TUSD. The injunction supports litigation in Hong Kong over what happened to the funds, but it does not decide who ultimately owns them.

Brittain must swear and serve an affidavit by 4 p.m. Gulf Standard Time on Sept. 7, acting “to the best of his ability.” For money paid to Quinn Emanuel, Horizons, Gall, Campbells and FTI Consulting, he must list amounts, payment dates and bank accounts. He must also identify the original sources and ultimate beneficial owners, explain how the accounts were funded and provide supporting documents.

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